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Related Keywords: appeal to TN government, cess on sales of cotton, cotton waste, cotton yarn and synthetic yarn from five percent to two percent, export incentives, reduce VAT on cotton, SISPA, South India Spinners Association

South India Spinners Association (SISPA) has appealed to the Tamil Nadu government to reduce VAT on cotton, cotton yarn and synthetic yarn from 5 percent to 2 percent, abolish the one percent cess on sale of cotton and cotton waste and facilitate marine discharge by establishing processing centres in costal areas for cost effective processing of yarn, fabrics and finishing goods, to make the state's spinning industry viable, when sold within or in other states.

Related Keywords: coir, Confederation of the Indian Textile Industry, export incentives, export of fibre crashed, export target, fall short of expansion rate, handicrafts and handloom items, include jute, Indian textile and garment exports, miss initial official growth target, raw cotton

India’s overall textile and garment exports that also include those of jute, coir, handicrafts and handloom items to not only miss the initial official growth target of 15% for 2014-15 but fall short of the 5% expansion rate expected until recently. The government had initially set the export target at $45 billion for 2014-15, compared with the actual exports of $39.3 billion in the previous fiscal.

Related Keywords: CITI, export incentives, FMS benefits

Confederation of Indian Textile Industry (CITI) has welcomed and thanked Minister of Textile and Minister of Commerce for considering the presentation made by them for restoration of export benefits under Incremental Export Incentivisation Scheme on cotton yarn.
Prem Malik, Chairman, CITI stated that withdrawal of the benefits of IEIS had dampened the enthusiasm of cotton yarn exporters and the restoration of these benefits will reflect in the export performance during the remaining part of the year.

Related Keywords: cotton, export incentives, Finance Ministry, market scheme

The Finance Ministry has done away with certain export promotion incentives on cotton, cotton yarn exports. The apparent surge in export value of these products in recent years has prompted the Government to remove these export promotion incentives for these products, official sources said.

Cotton yarn exports will also not be eligible for benefits of incremental export incentive scheme.